The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1887-06-17
ON CHANGE TO-DAY,
The Scenes and Incidents ant
Fluctuations of the Market.

The Scenes and Incidents and
Fluctuations of the Market.
CHICAGO, June l6.-A notice was post
ed up in the window of Kershaw 4 Co.'S
office this morning stating that the firm
expected TO pay all differences to-day.
When the market opened at $50 the
first sales were II for June and 73 for
July. The latter option then sold down
to 72i, but quickly went up to 7St, and
at 9:3s a. m, is 73. The notice of Ker-
shaw 4 Co., has produced
AN uNFAvoRABLE IMPRESSION.
If he cannot meet his obligations, it is
considered certain that dozen broker
age firms will be dragged down to-day.
THE STORY OF HIS DOWNFALL.
The facts in regard to the deposit of
money for Kershaw q Co., yesterday at
the American Exchange Bank, upon
which he founded his promise to pay in
full are made public this morning, in a
semi-oilicial way. 1t seems that Well
shire did deposit 100000 to the credit
of Kershaw d Co., yesterday morning.
When c. j. Kershaw left there at eight
o'clock, after an hour consultation with
WILTSHIRE, ID. w. Irwin,
Cashier De Ware, c. ID. Eggleston and
several of the directors, there was near
$500, 900 on deposit subject, as he sup
posed, TO his check. He hurried down
to the office of Armonr d Co. and there
told P. ID. Armour of his position. and
his ability to stand everything down to
20 cents. 1t was not until 10:45. when
he went into Armour's Office again, that
he was told that his checks were being
thrown out by the American Exchange
National Bank. He went out of Ar.
mour's like shot to ascertain the trou.
BILE. The trouble was that Immediately
after Kershaw left the bank and when
Wiltshire produced the $780, 900 to 20 as
he supposed to the credit of Kershaw
Irwin Green d Co.
| DEMANDED HALF OF 1T.
President Irwin is the seuior partner in
the house and had the advantage thai
he could credit the money as he wal
disposed to. When Kershaw's check fol
500, 900 from the clearing house wen
down for certIfcation il was thrown out
Some big checks had, however, gon'
through all right before. Among then
were checks to Achwartz, Dugre 4 Co.
p. b. Weare x Co., VIM. Dunn & Co
and few others, aggregating pc rhap
$500 Kershaw's promises wer,
made in good faith, and if 1T had no
happened that the president ofthe banl
was also an applicant for more margins
Kershaw's clecks would have been cert
fed.
PHIL. HAS HIS SAY.
Armour said this morning: "Tht
amount of loss to the market is not near
ly so heavy as some of the unfortunat,
ones are claiming. There were NOR,
losses on the advance, for when thi
clique was advancing the market, We
who were straddled out between tn,
different markets, paid out our money
But most of the failures so far announced
are of men who were broke before tn,
panic, and who were simply waiting fo
a good excuse. They have been thus TO
welve months some of them. No ON,
can lose money on kershaw, for he il
margined way down. He tells me this
and know he would not lie to me. III,
would have gone through yesterday i
there had not been a muddle at the
bank. offered 72i for one-half million
bushels of wheat to bank yesterday
when the market on the Board was nom
inally zoe, and the bank would not sell
There would have been great deal o.
cash wheat taken yesterday, but you
could not do business The banks
would not hold to you"